The importance of saving up enough for retirement cannot be emphasized enough. Seniors who retire mostly or solely on social security often end up strapped for cash. So, it’s essential to have additional income sources to tap into that can provide additional income. While we know retirement savings should be your main priority, sometimes economic circumstances force us to put aside long-term goals. When that happens, it’s all the more important to determine how that money you’ve saved up can help you now. It’s vital that you find a way to stay protected, regardless of what the market does. Call

There still seems to be confusion among retirees about the changes in the law affecting required minimum distributions, or RMDs.  Beginning a few weeks ago, on January 1, 2023, the starting age for RMDs rose from 72 to 73. The new version of the Secure Act will eventually increase the RMD age to 75, in 2033. Pushing back the age for RMDs can be viewed as a benefit for those who can afford to hold off taking distributions as it affords them more time for their retirement savings to grow. Note that if you turned 72 in 2022 (or earlier)

How much would you consider to be “enough money to retire?” Yes, you want to have enough money to ensure that you don’t go broke, and can afford basic expenses like food, housing, and medical care, but is that really “enough?” What goals do you want to reach in retirement, and what kind of budget will you need to reach them? If you’d like some ideas on how to obtain a source of income you can’t outlive, which may help you reach your goals, reach out to us. We’re always here to help. 

With the downturn in the market these past few months, there is increasing talk about the pros and cons of converting an existing diminished IRA account into a Roth IRA.  Both types of IRAs are designed to help you save for retirement while providing a tax advantage, but they do so in different ways. We thought it might help you to understand the difference. With a traditional IRA, you pay the tax due when you withdraw the funds, and with a Roth IRA, you pay the tax due on the funds you contribute. This way, the withdrawal amount later on